By Caitlin Kenney

The unemployment rate has surpassed 10 percent for the first time since 1983 -- reaching 10.2 percent in October. In September, the unemployment rate was 9.8 percent.

The high figure surprised everyone including economists and market watchers who didn't expect unemployment to pass 10 percent until the spring. According to the Labor Department, employers cut a total of 190,000 jobs in October. This is the 22nd straight month, the U.S. economy has shed jobs.

Nearly 16 million people are still looking for work and of those, 35.6 percent have been the unemployed for six months or longer. President Obama is expected to sign legislation this morning to extend jobless benefits for 14 weeks for people whose benefits are about to expire. In states where the unemployment rate exceeds 8.5 percent, the unemployed will eligible for an additional six weeks on top of the 14. This will be the fourth time jobless benefits have been extended since the recession began.

categories: Morning Report

9:23 - November 6, 2009

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